Sensex up over 150 pts, Nifty above 8650; BHEL, ITC gain

BHEL, Dr Reddy's Labs, Sesa Sterlite, ITC and Tata Power are top gainers in the Sensex. Among the losers are Cipla, Infosys and NTPC.

09:15

Moneycontrol Bureau The market has opened strong following global cues. The Sensex is up 196.45 points or 0.6 percent at 28634.16, and the Nifty up 55.95 points or 0.6 percent at 8689.10. About 412 shares have advanced, 65 shares declined, and 89 shares are unchanged.

BHEL, Dr Reddy's Labs, Sesa Sterlite, ITC and Tata Power are top gainers in the Sensex. Among the losers are Cipla, Infosys and NTPC.

The Indian rupee opened marginally higher at 62.77 per dollar on Tuesday versus 62.81 Monday.

The dollar fell across the board, as investors worry that the greenback's rapid rise could prompt the Federal Reserve to be a little more cautious about raising interest rates this year.

The dollar is up 24 percent against a basket of currencies since May and it could become a key issue at this week's Fed monetary policy meeting

Ashutosh Raina of HDFC Bank said, "The dollar continues to remain the theme with the dollar index hovering around the 100 mark. The rupee has been a relative outperformer moving in 62.50-63.00/dollar range. We expect the rupee to continue trading in this range with a weakish bias."

Markets in the US closed more than 1 percent higher as investors cheered a pause in the dollar rally and eyed renewed weakness in oil prices ahead of Wednesday's key Fed meeting.

The Fed's policy committee will convene for its monthly two-day policy meeting today and a statement will be released on Wednesday night.  Markets will be watching whether the central bank will eliminate the "patient" promise in its post-meeting statement, paving the way for an interest rate hike this year.

In Europe, equities finished higher as investor sentiment continued to be positive on the back of the extra liquidity provided by the European Central Bank (ECB) in the region.

In commodities, NYMEX crude is at a six-year low on signs of higher output in the US and Libya and a possible nuclear deal that could end sanctions for Iran, allowing more of its oil into the market.

From precious metals space - gold prices continue to trade near 3 month lows of USD 1150 an ounce.

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